Following Amazon’s (AMZN) announcement of a deal to acquire Globalstar (GSAT), Rosenblatt sees Amazon “leaning in meaningfully to compete aggressively with Starlink, which is the core profit generator of Elon Musk’s SpaceX.” If the market confers at some point a SpaceX style multiple to Amazon’s nascent space business that “could be helpful,” but otherwise Amazon is so big that this “doesn’t move the financial needle, at least for the next few years,” the analyst added. The firm keeps a Buy rating on Amazon shares.
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